Today I am signing emergency legislation to fund the Federal government
for the next seven weeks. This legislation was necessary because
Congress failed in its most basic responsibility: to pass the spending
bills that fund the day-to-day operations of the government. There are
12 of these bills this year, and Congress did not complete a single one
of them, so Congress had to send me a stop-gap measure before the fiscal
year ends this Sunday at midnight.

Congress's failure to pass these 12 spending bills is disappointing, but
I do thank the Congress for passing this temporary measure, and for
passing it without any new spending, new policies or new projects. It
would have been wrong to deny essential government services to the
American people while Congress works through its annual spending bills.

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I also appreciate the way this bill handles our disagreements over the
State Children's Health Insurance Program. Congressional leaders have
put forward an irresponsible plan that would dramatically expand this
program beyond its original intent. And they know I will veto it. But
it is good that they kept the program running while they try to work out
a more responsible approach.

Congress now has more time to complete its work on its annual spending
bills. Earlier this year congressional leaders promised to show that
they could be responsible with the people's money. Unfortunately they
seem to have chosen the path of higher spending. They have proposed
spending increases that would add an extra $205 billion on top of my
Administration's budget request over the next five years. There's only
one way to pay for such a large spending increase, and that is to raise
taxes on the American people. So it is no surprise that the same
Members of Congress who are planning this big increase in Federal
spending are also planning the biggest tax increase in American history.

If these members get their way, the tax relief my Administration
delivered could be taken away from you. Let me explain what this would
mean for an average taxpayer. If you have children, your taxes would
rise by $500 for each child. If you're a family of four making $60,000
a year, your taxes would be more than $1,800 higher. If you're a single
mother with two children, working to make ends meet, your taxes would go
up by more than a $1,000. If you're a small business owner working to
meet a payroll, your taxes would increase by almost $4,000. And if
Congress allows our tax relief to expire, more than 5 million low-income
Americans who currently pay no income taxes would once again have to pay
taxes.

These are not the only taxes Congress wants to raise. They're proposing
higher taxes on dividends and capital gains. They're proposing higher
taxes on cigars and cigarettes. They're proposing to raise taxes on
domestic oil and natural gas production. They're proposing new taxes on
stock and bond transactions. And they refuse to make the Internet tax
moratorium permanent. If this tax ban expires, it would open the doors
for State and local officials to impose new taxes on your access to the
Internet.

At a time when many American families are dealing with rising mortgage
rates, college costs, and health care expenses, it is wrong to take even
more money out of your paychecks. Washington's elected leaders can do
better. By working together, we can keep taxes low, help keep the
economy growing, balance the Federal budget, and build on our record of
fiscal discipline and greater economic opportunity for all Americans.